Hi Sanjana,
Remember this quote always !
“No one can make you feel inferior without your consent.”
- Eleanor Roosevelt
Consider ur failure as ur stepping stone. No instruction is left untold over internet. If u hv not been provided with a checklist, first refresh yourself with “HOW TO CONDUCT AN INTERNAL AUDIT”.
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Get details about the Comapany you are about to audit as to what their business is – source of income and application of money.
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Who all are the authorites to spend the money.
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Take one Book at a time, say CASH. Since you are doing quarterly audit, no. of vouchers will be comparitvely less. When checking the Cash book with the vouchers given to you,
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Check if all vouchers are available and choronoligcally and serially numbered.
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Check if all expenses/income are relevant to the business carried on.
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Check if abnormal exp/income has been approved by the right person..
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Check if they have been taken to relevant account heads..
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Check if a particular exp is a mere purchase or Capital Expdr... like wise keep going. Once u get a clue, u can automatically proceed....After all these stages, u will get to learn preparing financial statements.
Auditing is not that tedious at all Sanjana....if you are allowed to go through the entries in the computer, do ledger scrutiny. For eg. Take sundry creditors, check if there is only credit balance for all parties. If any body has a debit balance.....pose questions...dont let them unless they give u a satisfactory reply. Otherwise, note it down and inform your Auditor as your observation. Try not to give them a chance to question you...dont allow them to think that you are a dunce. Be confident with what you are doing. For that u need to do some ground work and you are capable to do it.
Though auditing isnt my profession, i hv handled audit queries continuously for almost 5 years. Now am working in a different concern where am doing internal audit though not professionally, but to keep our books correct.
Therez nothing to be scared or worried about it... as some one has quoted here, nobody is useless, but used less...u r unique, there can never be another sanjana like you... If you can, jus go thru the earlier audit reports done by your collegues, if you have any doubts get it clarified. This way get ready to say “I CAN/WILL DO THE NEXT AUDIT”....All the best Sanjana..opportunities galore..dont worry